Gray Television Buys Raycom Media for $3.65 Billion

Gray Television is doubling down on local TV by buying its competitor Raycom Media for $3.65 billion in a cash-and-stock deal, the companies announced on Monday.

The deal, if given regulatory approval, will make Gray the third-largest owner of TV stations across the U.S., with 142 stations in 92 markets. The buyout breakdown is $2.85 billion in cash, $650 million in preferred stock, and 11.5 million shares of Gray common stock, according to the companies.

Gray stations reach about 10.5 percent of the U.S. currently but will increase to 24 percent if the deal is approved.

The FCC voted in November to pull back regulations in order to make it tougher for broadcasters to control multiple stations in small markets. Gray will divest from several stations in overlapping markets to make it easier to get antitrust approval, the companies announced.

Raycom president and CEO Pat LaPlatney will become Gray’s president and co-CEO. Current Gray CEO Hilton Howell will also become co-CEO of the new company, as well as executive chairman.

Gray Television darted up 10 percent on news of its buyout (via Google)

Wall Street liked the deal for Gray, with the company’s stock increasing more than 10 percent in early morning trading on Monday.

The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.

House Intelligence Committee

Many posts pushed the narrative that Hillary Clinton would confiscate guns if she were elected President.

House Intelligence Committee

This graphic meme painted cops as KKK members attacking a young black child.

House Intelligence Committee

Only "sissies" and other undesirables wouldn't support Donald Trump, many of the memes said.

House Intelligence Committee

President Obama was a "pawn" and "traitor" in the hands of "Arabian Sheikhs," said one 2016 ad.

Russian trolls also used Instagram to spread sponsored political memes.

House Intelligence Committee

The "Blacktivist" page routinely shared memes on Colin Kaepernick and other football players kneeling during the national anthem.

House Intelligence Committee

"Heart of Texas" routinely posted on "Killary Rotten Clinton," and threatened to secede from the union if she won the election.

House Intelligence Committee

The "Being Patriotic" page labeled ex-cons as "Obama voters."

House Intelligence Committee

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Congress just released 3,500 posts touching on a myriad of topics

The U.S. House Intelligence Committee on Thursday released more than 3,500 advertisements and posts spread by Russian trolls before and after the 2016 U.S. election. Below is a look at 10 of the most shocking examples that stood out from Congress's reveal.